Oyedele: Nigeria sells petrol cheaper than several African countries
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on Thursday said Nigeria sells petrol at a cheaper price than several African countries. Oyedele disclosed that Nigeria sells petrol at a price 20 to 30 per cent lower than in Benin, Togo and Cameroon. Speaking during a press briefing on fuel prices […] Oyedele: Nigeria sells petrol cheaper than several African…
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, revealed on Thursday that Nigeria sells petrol at a lower price compared to several African nations. Speaking during a press briefing in Abuja, Oyedele stated that Nigeria's petrol prices are 20 to 30 percent lower than those in Benin, Togo, and Cameroon.
He also mentioned that petrol in Nigeria is 30 to 40 percent cheaper than in Ghana and South Africa. Oyedele emphasized that Nigeria ranks among the 25 countries globally with the lowest petrol prices, noting that the country's prices are roughly 35 percent below the world average. The minister further explained that local refiners purchase crude oil in naira to reduce the need for foreign currency, thereby easing the demand for dollars.
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